Sats ‘on track’ to restoring profitability following 3 financial years of losses
The company also clarified that there is no risk for it to be placed on the SGX watchlist.
After reporting losses for three consecutive financial years, Sats has assured its shareholders that it is “on track to restoring profitability.”
The company holds a positive business outlook given travel recovery, new contract wins, operational efficiencies and synergies achieved through the integration with WFS.
Sats added that it recorded an earnings of $22.2m in 2Q24 compared to a loss of $29.9m in 1Q24 and a loss of $9.9m in 2Q23.
Meanwhile, Sats also clarified that there is no risk for the company to be placed under the SGX watchlist.
“Investors should note that given the group’s latest 6-month average daily market capitalisation of $3.9b, which is well above the $40mm threshold. The financial performance reported over the past three years reflects the unprecedented impact of COVID-19 on the group’s business,” the company said.
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